IAC Takes Control of Newsweek/The Daily Beast
According to Reuters, the family of the late Sidney Harman has stopped investing in Newsweek/The Daily Beast. Since IAC continues to subsidize the venture, its 50 percent interest is now a controlling stake.
The family decided to stop giving to Newsweek/The Daily Beast because it wanted to cap contributions, but wouldn’t say what that number was.
The Harman’s family’s statement to Reuters:
The Harman family remains supportive partners in the business of Newsweek Daily Beast, including service on the Board by Jane Harman and family participation in various informal roles. However,
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